Best Buy (NYSE:BBY) Stock Price Up 3.9% on Analyst Upgrade

Best Buy Co., Inc. (NYSE:BBY)’s share price traded up 3.9% during trading on Friday after JPMorgan Chase & Co. raised their price target on the stock from $111.00 to $117.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Best Buy traded as high as $90.09 and last traded at $89.92. 1,115,489 shares were traded during mid-day trading, a decline of 63% from the average session volume of 2,987,479 shares. The stock had previously closed at $86.51.

BBY has been the subject of several other research reports. Citigroup lowered their price objective on shares of Best Buy from $115.00 to $109.00 and set a “buy” rating for the company in a research report on Friday, November 8th. BNP Paribas upgraded shares of Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. Loop Capital boosted their target price on Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Wells Fargo & Company raised their target price on shares of Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $114.00 price target (up from $100.00) on shares of Best Buy in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Best Buy presently has a consensus rating of “Moderate Buy” and an average price target of $103.71.

Institutional Trading of Best Buy

Hedge funds have recently bought and sold shares of the company. Park Avenue Securities LLC raised its holdings in shares of Best Buy by 1.3% during the 3rd quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer’s stock valued at $855,000 after buying an additional 103 shares during the period. Greenleaf Trust increased its holdings in shares of Best Buy by 1.2% in the 3rd quarter. Greenleaf Trust now owns 9,454 shares of the technology retailer’s stock valued at $977,000 after acquiring an additional 108 shares during the last quarter. SeaCrest Wealth Management LLC boosted its holdings in Best Buy by 4.6% in the third quarter. SeaCrest Wealth Management LLC now owns 2,675 shares of the technology retailer’s stock worth $276,000 after purchasing an additional 118 shares during the period. Tobam grew its position in shares of Best Buy by 15.6% during the 2nd quarter. Tobam now owns 895 shares of the technology retailer’s stock valued at $75,000 after buying an additional 121 shares during the last quarter. Finally, Hoxton Planning & Management LLC raised its position in shares of Best Buy by 3.7% during the 3rd quarter. Hoxton Planning & Management LLC now owns 3,481 shares of the technology retailer’s stock worth $360,000 after purchasing an additional 124 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Trading Up 3.9 %

The stock has a market cap of $19.31 billion, a P/E ratio of 15.50, a PEG ratio of 2.28 and a beta of 1.47. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. The firm’s 50-day simple moving average is $94.89 and its 200 day simple moving average is $88.51.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The firm had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. During the same quarter in the previous year, the business posted $1.22 earnings per share. The firm’s quarterly revenue was down 3.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were issued a dividend of $0.94 per share. The ex-dividend date was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.18%. Best Buy’s dividend payout ratio is 64.83%.

About Best Buy

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.